State of Foreclosures in Summit County

Posted on:March 26th, 2013

The nation’s housing market has been through the ringer over the last few years. But since the economy is now improving, real estate is also getting stronger. So if you’re a homeowner interested in selling or a potential buyer with questions about purchasing a property, it’s natural to wonder if now is a good time to enter the Summit County market.

As a dedicated Realtor, I can honestly tell you that the climate is right for you to consider housing options here.

But I also want you to be aware that even though we are in recovery, there is an issue that won’t be going away any time soon. The unfortunate reality is that foreclosures will still be a factor in the local housing market for the time being.

I do have happy news to report, though. Foreclosure filings in Summit County are slowly decreasing.

Summit County Statistics

In 2010, foreclosures in Summit County were at an all time high. Sadly, there were 350 homes going through foreclosure proceedings then.

But ever since that year, Summit County foreclosures have actually been decreasing.

The 2011 calendar year saw 316 foreclosures and only 264 were reported in 2012. Currently, there are just 39 foreclosures as compared to 54 at this same time last year.

So we are seeing a drop in the number of foreclosures filed in Summit County. This means our housing market is getting back on track to normal levels once again.

Although we have some work to do before Summit County’s real estate returns to its former health, at least we’re on the right path. It’s definitely a cause for celebration!

Want More Information?

The housing market can be a very complex puzzle. There are a lot of little pieces that need to be examined closely before the big picture comes into view. Foreclosures are one of the puzzle pieces that may make Summit County’s market a bit confusing to understand.

But that’s why I’m here to help you see all of the factors involved in either buying or selling a home in this area. I can show you how foreclosures may affect your ability to purchase a certain property or the price you might want to put on your current home. In short, I’m ready to assist you through every aspect of navigating around any foreclosures that could be in your way.

If you’re interested in pursuing a foreclosure for your next home purchase, I’d be glad to work with you as well. You should also check out my blog on how to get great deals in Summit County. I have important advice you ought to think about before we take this step together.